One way to reduce taxes tomorrow is to 'freeze' assets today. In this article, the author explains two ways to freeze assets that have interested his key clients. In addition, these techniques allow for the sale of large amounts of needed additional life insurance. Effective strategies to freeze assets include the gifting or selling of assets to "grantor trusts." Both techniques freeze assets at today's values, but they take different forms and lead to different consequences. With a grantor-retained annuity trust (GRAT), clients can gift and transfer income-producing assets to an irrevocable trust, receiving a stream of income from the annuity for the term of the trust. If clients and their advisors are willing to be more aggressive, they might consider a tactic not specifically spelled...
... in working with wealthy people who have estates of $15 million or more. Most own closely-held busi...Almost all have done basic estate planning with tax wise wills, made annual exclusion gifts, ...
Providing some relief to stressed-out estate planning attorneys and tax practitioners, the Internal Revenue Service announced Sept. 13 that estates of 2010 decedents will have a longer time to file forms to exempt out of the estate tax and may be able to receive a filing extension. In August, the IRS issued a Notice and Revenue Procedure for 2010 estates seeking to exempt out of the tax.
The estate freeze is a technique used by estate planners to reduce estate and gift tax liability. This estate-planning method, which may assume any of several forms, involves converting the assets of senior family members into property having a fixed value to limit the holder's estate tax liability. The use of the estate freeze was halted in 1987 with the passage of the Omnibus Budget Reconciliation Act (OBRA), which created section 2036 (c) of the Internal Revenue Code. However, the OBRA repealed the section's provisions against estate freezing in 1990 and replaced the section with Chapter 14, a provision aiming to curb abuses concerning the use of freeze transactions.
The CalCPA Council passed a resolution July 23, 2005 opposing the inclusion of tax in the AICPA's Proposed Statement on Standards for Valuation Services: Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset. If passed, the standard would apply to all CPA members of the AICPA preparing a valuation report. The standard would apply to all forms of tax practice planning and compliance where a valuation is necessary, including income, gift and estate taxes. Excerpts from a comment letter sent to the AICPA by Robert Petersen are presented. He says there has been no demonstrated need for the inclusion of tax services in these . If the are adopted as written, he says the cost of planning and compliance is going to be signific...
The practice of law is a state-regulated profession. To practice, a person must meet rigorous educational requirements, pass the bar examination, be sworn in, maintain malpractice insurance and adhere to prescribed ethical rules, including the obligation for the attorney to exercise independent judgment and be zealous in the representation of clients. In State of Indiana ex rel, Indiana State Bar Association v. United Financial Systems, Corporation, and others, the Indiana Supreme Court addressed the issue of the unauthorized practice of law.
... its panel of attorneys actually wrote the estate plans for clients. The testimony of various panel... attorneys utilize standardized estate planning documents and forms prepared and provided by UFSC,...
... income tax cuts but also sets the federal estate, gift and generation-skipping transfer ("GST") tax...I. THE TAX RELIEF ACT EFFECT ON ESTATE PLANNING AND ESTATE ADMINISTRATION . Estate, Gift and GST T... be promulgated shortly with accompanying forms. . Planning Ideas in Light of the Tax Relief Act ....
This article suggests that statutes governing both corporations and limited liability companies should require all owners to read several warnings about the dangers of a lack of advance planning before starting a business, or before purchasing an equity interest in an existing closely held business. Part I of this article reviews the current landscape of available business forms and details the many ways in which the majority owners of a business can take advantage of the minority owners. Part I also reviews the many ways in which the minority owner could have protected himself -- if he had the foresight to do so. Part II then reviews the main statutory and judicial responses to the problem of minority owner oppression and discusses their inadequacy. After discussing some other suggesti...
... becomes incapacitated or dies, he or his estate could require the company to redeem his ownership ...
... a will in place, but interestingly, other forms of estate planning documents have declined among t...
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